Power Metal Resources PLC Exercise of Warrants (9528I)
18 August 2021 - 2:37AM
UK Regulatory
TIDMPOW
RNS Number : 9528I
Power Metal Resources PLC
17 August 2021
17 August 2021
Power Metal Resources plc ("Power Metal" or the "Company")
Exercise of GBP300,000 Insider Warrants
Power Metal Resources plc (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces the completion of
irrevocable Insider Warrant exercises raising GBP300,000 for the
Company.
Further to the announcement dated 11 August 2021, Value
Generation Limited a private company beneficially owned by Paul
Johnson, Chief Executive Officer of the Company, has completed its
irrevocable undertaking to exercise warrants to subscribe for ten
million new ordinary shares in the Company of 0.1p each ("Ordinary
Shares") at an exercise price of 1.0p per Ordinary Share raising
GBP100,000 for the Company.
Following Admission of the new Ordinary Shares Paul Johnson will
have a beneficial holding of 74,500,000 shares, representing 6.12%
of the issued share capital of the Company.
In addition, further to the announcement of 16 August 2021 Red
Rock Resources plc (LON:RRR)("Red Rock") has completed its
irrevocable undertaking to exercise warrants to subscribe for
twenty million new Ordinary Shares at an exercise price of 1.0p per
Ordinary Share raising GBP200,000 for the Company.
Following Admission of the new Ordinary Shares Red Rock will
have a beneficial holding of 45,000,000 shares, representing 3.70%
of the issued share capital of the Company.
The warrants were issued to participants in a financing
undertaken by the Company in February 2019 and in which Value
Generation Limited subscribed for ten million shares, receiving ten
million warrants to acquire Ordinary Shares at 1.0p (the
"Warrants") and Red Rock subscribed for twenty million shares and
received twenty million Warrants.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 30,000,000 new Ordinary Shares
to be admitted to trading on AIM which is expected to occur on or
around 24 August 2021 ("Admission"). The Warrant Shares will rank
pari passu in all respects with the ordinary shares of the Company
currently traded on AIM.
Following Admission, the Company's issued share capital will
comprise 1,217,317,944 ordinary shares of 0.1p each. This number
will represent the total voting rights in the Company and may be
used by shareholders as the denominator for the calculation by
which they can determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the Financial Conduct Authority's Disclosure and Transparency
Rules.
For further information please visit
https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer) +44 (0) 7766 465 617
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals
exploration company which finances and manages global resource
projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering
district scale potential across a global portfolio including
precious and base metal exploration in North America, Africa and
Australia.
Project interests range from early-stage greenfield exploration
to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through
strategic joint ventures until a project becomes ready for disposal
through outright sale or separate listing on a recognised stock
exchange thereby crystallising the value generated from our
internal exploration and development work.
Value generated through disposals will be deployed internally to
drive the Company's growth or may be returned to shareholders
through share buy backs, dividends or in-specie distributions of
assets.
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